10 Forgotten Scandals of Big Corporations

Big companies face big corporate money scandals. Some of them are fair, and many of them are not. On an online platform, people shared such money scandals faced by reputable corporates.

1. Bear Stearns Scandal

Bear Stearns was started in 1923, and within no time, it became a popular bank worldwide. But in 2008, it faced a huge financial downfall. The hidden assets and funds of this company were exposed this year. This downfall also contributed to Lehman Brothers' downfall. 

2. MG Rover Scandal

This company is United States-based and deals in manufacturing cars. Four top directors of this company manipulated millions of dollars. And when this scandal was revealed, all four were banned from acting as directors for 19 years.

3. Pacific Gas and Electric Company Scandal

In 1994 Pacific Gas and Electric Company Scandal created history in the US. This company became the reason for the fire that burned acres of land in Nevada due to negligence. In this fire, many homes and a schoolhouse were burnt. The company faced a lot of loss, and for a long period, it remained shut down.

4. Allied Crude Vegetable Oil Refining Corp Scandal

This is an American-based company that has been providing its services since 1983. An incident that made a dent in its reputation is Salad Oil Scandal. This scandal revolves around the fake recipients of the warehouse in which the salad oil was stored. The company faced a downfall in soybean oil. Thus they sold fake oil supplies to the investors, creating chaos in the market.

5. Huawei Telecommunication Company and U.S. Scandal

Huawei Telecommunication is a Chinese-based company. It sells its products all over the world. But it always faces a hard time with the United States. The US always alleges this company is a threat to the security of the US government and the development of advanced technology – 5G infrastructure. The US claimed that this company could be sued for cyber attacks. The US banned the use of Google in Huawei products.

6. Apple's Battery Gate Scandal 

Apple is a big and prominent name in the tech world. That is why this company always remains under conflicts that get full coverage. But one scandal of this company that causes to loss of millions is its Battery Gate Scandal. In 2016 people claimed a sudden shutdown of their phones when the battery reached 30%. In 2016 many public statements were provided to satisfy the customers, but all in vain. Apple paid a large amount as a fine to the government.

7. Lehman Brothers Scandal

Lehman brothers came from Germany and set up their business and US. They provide banking and trading services. But the year 2008 proved a bad year for Lehman Brothers. This year they face financial loss. In order to cover these crises, they face even severe liquidity crises. They could have found a solution by contacting the government or finding an investor, but they failed to do so. Their bankruptcy mark as one of the prominent scandals in the US.

8. Kmart Scandal

Kmart is a big name in clothing, shoes, and bed linen. In 2002 this company faced a scandal. At that time, there was serious competition given to this company by Walmart and Target, discount retailers. The bad management decisions make the condition worsened. They start taking loans and forget about their customer's needs. This bankruptcy makes many people lose their jobs, and the company loses its reputation. 

9. Worldcom Scandal

This company is a telecommunication company. It was started in the 1980s and established its name in giant companies. In 2002 this company faced financial pressure. The company gets involved in fraud and money manipulation scandals to tackle this pressure. The story was revealed in 2002. And this scandal causes thousands of people to lose their jobs. Higher posts of this company face imprisonment, including CEO Bernard Ebbers.

10. Refco Scandal

Refco was a public company for financial services. Initially, it was known as commodities and future contacts brokers. In 2005 this company faced a downfall. It was revealed that the chairman of the company Phillip. R Bennett is under high debt of $430 million. And it was hidden from the auditors and investors of the company. The findings revealed that this company has a past record of such fraud. Chairman Bennett was sentenced to imprisonment for 16 years.

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